Home-buying Demand Continues to Show Signs of Housing Market Recovery
April 30, 2020
Will the housing recovery survive re-starting the economy?
So far, the reality is a more modest increase in new listings and pending sales. In the seven days ended
Some of the new inventory hitting the market may be coming from buy-and-hold investors. Since the beginning of the pandemic, Redfin has heard stories of Airbnb landlords with sudden unexpected vacancy putting their homes up for sale. This week, Redfin started to hear more long-term rentals hitting the market.
Overall prices are up just a touch, affordable homes are still selling like hotcakes
Even though some investors may be headed for the exits, prices have held steady. For the seven days ended
Affordable, single-family homes is the one segment of the market where sellers are still firmly in control. Agents across the country are reporting that these homes often generate bidding wars with prices sometimes escalating tens of thousands of dollars above the asking price.
At higher price points, homes have to be well-priced and move-in ready. Rogers added, "Unless they're looking for a fixer, buyers want everything to be done. People aren't looking to spend an extra ten to
Rates are low, but deals are taking longer and some buyers are struggling with lending requirements
Mortgage rates ticked down this week to about 3.25%. That's almost 0.5% lower than they were at the beginning of April and approaching the all-time lows seen back in February. Fannie Mae forecast that rates will continue to fall and could dip below 3% for the first time ever in 2021.
Lower rates are making monthly payments more affordable; the 0.5% decline in rate reduces the monthly payment on a
Lenders are still overwhelmed by the boom in refinance applications driven by the low rates, and now appraisals are taking longer due to coronavirus-related work restrictions.
To read the full update, please visit: https://www.redfin.com/blog/fewer-homes-for-sale-than-buyers-in-april/
Redfin is publishing this housing-market update as a way to inform our customers, not our investors. Even though we're notifying investors through a government filing about this customer update, we're not updating, withdrawing, or affirming the first quarter financial guidance we issued on
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